JPMorgan Treasury Services is teaming with Experian Payments to provide an automated BIC and Iban conversion service for Sepa-compliant cross-border payments.
JPMorgan says the new service enables customers to efficiently and cost effectively convert a basic bank account number (BBAN) to an international bank account number (Iban).
Experian Payments will check, validate and convert its clients' existing domestic BBANs to the required BIC (bank identifier code) and Iban standard, enabling customers to avoid rejection or repair of failed payments and reduce costs.
The US bank says Experian will deliver the service across all 31 countries in the single euro payments area (Sepa).
Under Sepa the use of BIC and Iban to identify the bank and account of the beneficiary has become mandatory for all cross-border euro payments in the region. Additionally, several European countries have adopted Iban as part of their own domestic payment standard.
Earlier this year British bank HSBC said it would partner with Petra Financial to offer its clients automated BIC and Iban directory and validation tools for Sepa-compliant cross-border payments. The tool allows clients to validate BIC and Iban details before payment submission or, if required, to derive the details from a bank name, address and BBAN.